MAXLINEAR, INC MXL
We are a provider of communications systems-on-chip, or SoCs, used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. We are a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including radio frequency, or RF, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. Our ability to design analog and mixed-signal circuits in complementary metal-oxide-semiconductors, or CMOS, allows us to efficiently combine analog functionality and complex digital signal processing logic in the same integrated circuit. As a result, we believe our solutions have exceptional levels of functional integration and performance, low manufacturing cost, and reduced power consumption versus competition. These solutions also enable shorter design cycles, significant design flexibility and low system-level cost across a range of markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $467.6M | $360.5M | $693.3M | $1.12B | $892.4M | $478.6M | $317.2M | $385.0M | $420.3M | $387.8M |
| Cost of revenue | $201.8M | $165.7M | $307.6M | $470.5M | $396.6M | $265.8M | $149.5M | $176.2M | $212.4M | $157.8M |
| Gross profit | $265.8M | $194.8M | $385.7M | $649.8M | $495.8M | $212.8M | $167.7M | $208.8M | $208.0M | $230.0M |
| SG&A | $159.6M | $138.3M | $132.2M | $168.0M | $149.9M | $130.0M | $88.8M | $101.8M | $105.8M | $64.5M |
| Total operating expenses | $392.7M | $418.1M | $423.9M | $469.5M | $430.6M | $313.9M | $189.7M | $227.9M | $229.6M | $166.9M |
| Operating income | -$126.9M | -$223.4M | -$38.2M | $180.2M | $65.2M | -$101.1M | -$22.1M | -$19.1M | -$21.7M | $63.1M |
| Interest expense | $10.1M | $10.9M | $10.7M | $9.8M | $13.0M | $13.0M | $11.1M | $14.3M | $10.4M | $104.0K |
| Pre-tax income | -$140.9M | -$238.7M | -$63.8M | $174.2M | $47.9M | -$114.9M | -$32.5M | -$32.9M | -$34.0M | $63.7M |
| Income tax | $4.2M | $6.5M | $9.3M | $49.2M | $5.9M | $16.3M | $12.6M | $6.7M | $24.8M | $2.4M |
| Net income | -$136.7M | -$245.2M | -$73.1M | $125.0M | $42.0M | -$98.6M | -$19.9M | -$26.2M | -$9.2M | $61.3M |
| EPS, basic | -1.58 | -2.93 | -0.91 | 1.60 | 0.55 | -1.35 | -0.28 | -0.38 | -0.14 | 0.96 |
| EPS, diluted | -1.58 | -2.93 | -0.91 | 1.55 | 0.53 | -1.35 | -0.28 | -0.38 | -0.14 | 0.91 |
| Shares, diluted (wtd. avg.) | $86.6M | $83.6M | $80.7M | $80.9M | $79.7M | $73.1M | $71.0M | $68.5M | $66.3M | $67.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $72.8M | $118.6M | $188.4M | $188.4M | $131.7M | $150.0M | $93.1M | $74.2M | $74.4M | $82.9M |
| Short-term investments | — | — | $0 | $18.5M | $0 | — | — | — | — | — |
| Receivables | $46.1M | $85.5M | $170.6M | $171.0M | $119.7M | $67.4M | $50.4M | $59.5M | $66.1M | $50.5M |
| Inventory | $78.1M | $90.3M | $99.9M | $160.5M | $131.7M | $97.8M | $31.5M | $41.7M | $53.4M | $26.6M |
| Total current assets | $248.8M | $323.4M | $488.0M | $563.1M | $404.1M | $361.7M | $181.8M | $185.4M | $201.3M | $212.8M |
| Property, plant and equipment | $48.9M | $59.3M | $66.4M | $79.0M | $60.9M | $39.5M | $16.6M | $18.4M | $22.7M | $20.5M |
| Goodwill | $318.6M | $318.6M | $318.6M | $306.7M | $306.7M | $302.8M | $238.3M | $238.3M | $238.0M | $76.0M |
| Other intangibles | $48.9M | $55.0M | $73.6M | $109.3M | $149.9M | $200.1M | $188.0M | $240.5M | $310.6M | $81.9M |
| Total assets | $796.4M | $864.6M | $1.08B | $1.18B | $1.05B | $1.02B | $705.8M | $743.6M | $824.9M | $422.7M |
| Accounts payable | $37.9M | $31.4M | $21.6M | $68.6M | $53.0M | $32.8M | $13.4M | $15.6M | $16.9M | $6.8M |
| Short-term debt | — | — | — | — | — | $0 | — | — | — | — |
| Total current liabilities | $186.0M | $182.3M | $222.1M | $341.1M | $207.4M | $233.7M | $66.6M | $75.3M | $76.4M | $54.5M |
| Long-term debt | $123.6M | $123.0M | $122.4M | $121.8M | $306.2M | $363.6M | $206.9M | $255.8M | $347.6M | $0 |
| Total liabilities | $344.5M | $348.4M | $394.0M | $503.6M | $561.2M | $631.3M | $290.9M | $343.7M | $437.4M | $70.2M |
| Retained earnings | -$500.4M | -$363.7M | -$118.5M | -$45.4M | -$170.4M | -$212.4M | -$113.8M | -$93.6M | -$69.1M | -$59.9M |
| Total equity | $451.9M | $516.3M | $686.3M | $676.4M | $489.2M | $391.1M | $414.9M | $399.9M | $387.4M | $352.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19.6M | -$45.3M | $43.4M | $388.7M | $168.2M | $73.6M | $78.3M | $102.7M | $75.1M | $117.3M |
| Depreciation and amortisation | $44.0M | $54.1M | $71.5M | $80.7M | $91.8M | $76.5M | $66.4M | $79.0M | $66.7M | $26.7M |
| Stock-based compensation | $77.1M | $66.0M | $55.2M | $81.7M | $59.4M | $47.6M | $32.1M | $31.7M | $32.7M | $21.8M |
| Capital expenditure | $12.6M | $17.7M | $13.5M | $41.3M | $39.2M | $12.5M | $6.9M | $7.8M | $7.5M | $8.5M |
| Investing cash flow | -$19.8M | -$23.4M | -$15.9M | -$91.8M | -$91.8M | -$175.3M | -$7.0M | -$7.8M | -$432.2M | -$101.3M |
| Financing cash flow | -$18.7M | $1.3M | -$26.4M | -$240.4M | -$91.9M | $159.6M | -$53.4M | -$93.8M | $347.0M | -$670.0K |
| Buybacks | $20.0M | $0 | $0 | $31.5M | $23.5M | $0 | $0 | $0 | $334.0K | $3.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001288469-26-000011.
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